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including the latest crash involving a bullet train which killed 40 people. remember that? july. patti ann: well, anxiety is rising over big tax hikes and spending cuts set to kick in on january 1st. a growing number of lawmakers saying they are skeptical that a deal can be reached in five days to avoid the fiscal cliff, especially with the main sticking point coming down to whether to increase taxes for top earners next year among many other things. byron york, now, of "the washington examiner" joins us to talk about this. good morning, byron. >> good morning, patti ann. patti ann: so we're going to show a full scream of what would happen if -- full screen of what would happen if we go off that fiscal cliff. but you got democrats, including congressman john yarmouth of kentucky, saying, look, we may go off that cliff on january 1st, but we would creak it very quickly -- correct it very quickly thereafter, so do you believe that's the democratic plan? enter yes, and it's a republican nightmare. republicans have been reached no deal's reached, barack obama and democrats immediately propose
song gets utus past the fiscal cliff. >> the last time this happened in july of 2011, the credit rating was downgraded. the government's, not mine, but i guess i live here. that could happen again, right? >> we have seen that the politics are raising the debt ceiling are quite difficult. in 2011 your right what standard & poors said is americans political problems appear to be severe enough that they can't take care of business. we'll see if we have the same trouble this time around. the thing to remember is that the real problem is not the debt limit it's the debt. if they get serious about a deal to take down some of the debt and stop the growth they can take care of the debt limit in the same process. gregg: when the government dominates the credit marketplace by absorbing all of those borrowed dollars, doesn't that steal those dollars away from american businesses that it would seem to me desperately need phepl t them to keep operating. >> it's called crowding out. that is implications for investment. it has implications for our ability to export. those dollars finance exports. very
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